The U.S. Court of Appeals for the District of Columbia has accepted the Federal Reserve's request to appeal a lower court's ruling overturning two-thirds of its debit interchange regulation.
The Appeal's Court posted a schedule for the case on Tuesday. Parties involved in the case have to have procedural and technical documents into the court by no later than Sept. 26 and arguments in favor of their positions by Oct. 11.
The National Retail Federation and other merchants and merchant association sued to overturn the regulation and U.S. District Court Judge Richard Leon agreed with them on July 31. He stayed his decision pending appeal.
The stay remains in effect until Leon reviews arguments from both the Federal Reserve and the merchants about how quickly a new regulation could be drafted. Those arguments have to be to the judge by Thursday.
- Judge Throws Out Fed’s Debit Cap
- CUNA, NAFCU Assail Ruling
- Ruling Could Force CUs to Add Processors
- Aug. 14 Hearing Set on Cap Ruling
- Financial Researchers Rate Chances of Appeal
- Judge Gives Fed One More Week
- Doubts Whether CUs Would Pay
- Fed Gets Another Chance Wednesday
- Flawed Ruling Boosts Fed’s Odds: Guest Opinion
- Fed, Merchants Join on Expedited Appeal